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The stock for Donut Corp Inc. is expected to pay a dividend of $4.45 next year. The company has promised to increase its dividends by

The stock for Donut Corp Inc. is expected to pay a dividend of $4.45 next year. The company has promised to increase its dividends by 2.3% every year. If the stock is currently priced at $84.55, then what is the required return for this stock? (NOTE: Round your answer to two decimal places and report it as a percent: for 1.55% you would write 1.55)

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